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Notice to Members 97-76

Nasdaq Eliminates Excess Spread Rule For Nasdaq Securities

The Nasdaq Stock Market, Inc. (Nasdaq®) Board of Directors approved, and the National Association of Securities Dealers, Inc. (NASD®) Board of Governors ratified, a decision to allow NASD Rule 4613(d)—the “excess spread” rule for Nasdaq securities—to lapse as of October 13, 1997. Accordingly, NASD member firms are no longer required to comply with excess spread parameters for Nasdaq securities, as of October 13, 1997.

Questions regarding this rule change should be directed to John F. Malitzis, Senior Attorney, Office of General Counsel, The Nasdaq Stock Market, Inc., at (202) 728-8245.